But... How did Jerry Reinsdorf make his money before purchasing the Sox? I've tried a Google search, but I couldn't details on his business exploits prior to owning sports franchises.

I'm just curious.

Daver

11-17-2003, 06:06 PM

Originally posted by guillen4life13
This might belong in the parking lot, I'm not sure.

But... How did Jerry Reinsdorf make his money before purchasing the Sox? I've tried a Google search, but I couldn't details on his business exploits prior to owning sports franchises.

I'm just curious.

Real Estate.

Corkinator

11-17-2003, 06:08 PM

My recollection is that he is a CPA/attorney who's career started in the IRS as a district counsel attorney. He then went where the money was into private practise representing taxpayers(?) before the IRS. Later he had a commercial real estate firm, Balcor, which he sold around the time he put together the investment group that bought the Sox.

washington

11-17-2003, 06:27 PM

Yup. Here's a SunTimes article from 2000 regarding his background. At least 2 of his partners at JMB Realty were among the partners he bought the White Sox with (Judelson and Malkin)

http://www.suntimes.com/savage/talk/jerry_reinsdorf.html

ewokpelts

11-17-2003, 06:28 PM

the bulls media guides and program detail his career....the media guide is available at www.bulls.com

Gene

PaleHoseGeorge

11-17-2003, 06:32 PM

Originally posted by Daver
Real Estate.

Correct. He made his money putting together deals on behalf of others. This is what led him to give this famous answer to the question, "What is your business?"

:reinsy
"O.P.M. Other people's money."

:smile:

Dadawg_77

11-17-2003, 06:37 PM

Originally posted by PaleHoseGeorge
Correct. He made his money putting together deals on behalf of others. This is what led him to give this famous answer to the question, "What is your business?"

:reinsy
"O.P.M. Other people's money."

:smile:

You know I am suprised that Jerry didn't take that knowledge and set up deals for players. Thus he wouldn't have to pay them as much since they are racking in Real Estate investment dollars.

ondafarm

11-17-2003, 07:01 PM

A long time ago he was a tax attorney working for the IRS. He kept getting beaten on a loophole which allowed for real estate tax shelters. So he branched out and started advising clients himself. Like Stalin, he did the grunt work none of his new partners wanted to and cut himself in for rich profits. He eventually built up a clientelle exploiting this same loophole. Just before Dan Rostenkowski closed this loophole, JR and partners sold out to American Express.

If you were a player, would you trust this man to invest your money?

PaleHoseGeorge

11-17-2003, 07:08 PM

Originally posted by ondafarm
....Like Stalin, he did the grunt work none of his new partners wanted to and cut himself in for rich profits. He eventually built up a clientelle exploiting this same loophole. Just before Dan Rostenkowski closed this loophole, JR and partners sold out to American Express...

Jerry Reinsdorf as Stalin? LOL, that's a new one. I like it!

:gulp:

:reinsy
"Time for another purge!"

:jerry
"Too late!"

:KW
"Hey boss, let's build an exact replica of a B-29 and bomb the competition with it!"

cwsox

11-17-2003, 07:26 PM

JR's mother is from Constintine Michigan. In other words, po' folk. At least he worked his way up.

ondafarm

11-17-2003, 07:46 PM

Originally posted by PaleHoseGeorge
Jerry Reinsdorf as Stalin? LOL, that's a new one. I like it!

PHG, you agree with me? Now that is a first. Don't look at the political boards.